In the previous idea we defined the breakout from the wedge as a trigger for going long. It worked out nicely pulling the price from 71xx to 7560: Now that the price reached the channel resistance, we wonder if the bottom was indeed formed. To confirm this I would like to see the break of the channel (7670 area). This setup is very similar to early April days. The price surge is identical, and the break of the trendline resistance confirmed the bull at that time.
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Intraday wave count and price levels:
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Following the count so far: Bullish count in doubt below 7200.
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No longs before the channels are broken:
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To those asking about my channels: these are not basic price channels. When I expect market to go up, I go long when a channel is broken. Just like yesterday night:
sory i dont understand your chart, can you tell us simply what ---> Intraday wave count and price levels: means? what targets are you looking at? will it go down or up most likely? also that channel you have doesnt look like a proper channel, theres hardly any 3 touches on it to make it a proper channel
sdzd1234
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@childofGod3, probably pitchfork. They work great on Bitcoin, but often change into new pitchfork channel. IMO this pitchfork might not be valid anymore, rather would look for bigger interval pitchfork
Nickonomics
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@KamilStasiak, It is perfectly valid.
sdzd1234
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@Nickonomics, sorry, looked at older chart.
Drawn this channel (not pitchork) one month ago for different scenarios as advance from late april triangle
FenixCapital
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Definitely agree we will get that similar breakout/liquidation spike however, I believe there will be another push down to instill more bearishness/disbelief that will fuel the coming pump.
HacTienSinh
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@FourthFloor, a month ago, I drew same this chart, but now it changed, new dip will be 6500 before up 8500
Ssmolin
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April 1 was a similar pump length of 2 days .
any thoughts on that ?
Nickonomics
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@Ssmolin, Well, eventually it paved the way for the reversal. I remember the wave structure was very ambiguous. It looked like a 3-wave advance and suggested that the Triangle should have resolved to the downside.